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wall street journal," -- -- he went on to say, "the economy is recovering too slowly and should not be regarded as the new normal." >> we need a new approach. an approach that removes obstacles of growth, prosperity -- of growth and prosperity. unleash the nation of builders. to become a nation of builders and i think we have to stop picking winners and losers and start focusing on expanding opportunity for everyone. we started out by giving our kids a good chance at an education. to hirend opportunity axa's education so students are ready for tomorrow's job market. to become a nation of builders again, we need to fix our tax code. if we clear out all of these loopholes and make the tax code fair it is going to make it easier to understand, we will be creating more incentives to bring jobs home, and keep our resources here in america. a host: john boehner before the national association of manufacturers. this headline from "the -- this editorial from "the wall street journal" -- joseph on our twitter page has this comment -- logan is on the phone from las vegas on our independen
the obama economy? this is "special report." good evening, i am chris wallace in for bret baier. investors and traders on wall street are breathing a sigh of relief, thanks to a break from two rough selloff days in the financial markets. chief white house correspondent ed henry reports there's one man that remains on the hot seat, federal reserve chairman ben bernanke. >> reporter: after two days of market melt downs and high anxiety about 401(k)s plunging again, the last thing president obama or his aides wanted to do today was try to decipher the words of the fed chairman, ben bernanke. >> how is the white house sorting out what he said? >> here is what i have to say about the markets and the fed chairman and fed policy. >> reporter: nothing to say. probably smart because the market settled today, with modest gains for the dow and s&p 500 and a small drop for nasdaq, after a two day global selloff for stocks, bonds, and commodities, sparked by a massive credit crunch in china, refusal by communist leaders to intervene by pumping cash into the system, coupled with bernanke's comment that
-- pumping billions and billions of dollars into the economy. is it possible that we have gone from a tech bubble to a housing bubble to a fed bubble? >> it's absolutely a risk. the real question is is this easing? all this billions and billions of dollars, trillions of dollars really of dollars the federal reserve has printed and pumped into the economy. have they created a real enduring economic expansion? can housing exist? can housing keep recovering even without ultra-cheap money? can the housing market keep rising without ultra-cheap money? can housing growth continue? that's the bet that ben bernanke has been making the past couple of years. the question is is the debt going to pay off, or will we be right back in this mess we were five years ago? >> isn't the case when former chairman allen greenspan greens retired, he was pummeled because of the housing bubble. isn't it the case, since greenspan left, we've become more liberal with our monetary supply as far as pumping more money into the monetary supply. money has been basically free for investors and businesses for the past seve
of different economies, but housing is key to the u.s. economic recovery along with jobs. how does it look to you? >> i come home from my travels i see it in my own street, that a developer bought the property opposite of us, completely overhauling the original house and building a new one right next to it, kind of noisy. sends me back in my travels again. the infliction point happened, i can tell you when it happened, whenity remortgaged and fixed, and from that moment on you've seen the tightening beginning, and this is going to be a very interesting challenge for the housing recovery as we get further indications from the fed tomorrow that there's tightening coming. that's already begun to affect mortgage rates, and if there's one thing that could cool things down it's going to be a sense that the party is over in terms of quantitative easing. >> diana, weigh in on that, you've made the very points that there may be a cooling of course, but as rates rise it may get people off the couch and into contracts. >> yeah. that's a very short-term phenomenon, and i'd be interested to hear from n
to tap the brakes on the feds' bond buying program designed to lower interest rates and spur the economy. fox business network senior washington correspondent peter barns has an update. >> good evening. the fed says the central bank could be getting ready to wind down the easy money policies it has been using for the last five years to help the economy recover from the great recession, the first to slow and then to go, the controversial bond buying program, known as quantitative easing, which helped keep interest rates low. so far, the fed purchased $2.5 trillion in bonds to help flood the financial system with cash, basically printing new money. purchases help keep rates low for auto loans, mortgages and business loans. the fed chairman had cars on his mind when he said his team could start reducing purchases later this year, if the economy keeps growing and unemployment keeps dropping. >> if incoming data support that the economy can sustain a reasonable cruising speed, we will ease the pressure on the accelerator by gradually reducing pace of purchases. however, any need to consider a
that the outlook for the u.s. economy is still quite unclear and that would dovetail nicely with what are likely to be downward revisions to the fed's forecast for the economy. if you look at the march forecasts, they were still forecasting 2013 gdp at 2.5%. and while i don't think they will go down to the sort of level that the imf was forecasting at 1.9 last friday, down grading that forecast of gdp, downgrading their inflation forecasts to levels which they previously described as sub optimal should offer markets some reassurance that as much as bernanke will stress tapering probably is going to happen, it's a matter of when. and he won't pre-judge his options. it's not something which means immediately that interest rates are going to rise. one of the things that markets seem to have to gotten, that when the fed outlined its qe exit plan in 2011, it did actually say the first thing it would do was not raise interest rates but stop rolling off or reinvesting maturing debt. >> the other thing of course is they won't be buying any fresh stuff even when they stop. and tapering doesn't mean they
economies in terms of -- because they need europe to be able to take their stuff. watch for china -- i don't know who's really running that country, but i can tell you this, their deceleration in economics is just incredible. it's not bringing us down. >> china may go down below 7%, 6% growth this err year. we are right now the tallest building in elmira, new york. >> it's the shung kamao bank. >> how do you know about elmira, new york? >> i come to play. >> you do come to play. we may be the tallest building in elmira, new york, but people keep buying the dollar. what are you going to do? go to europe? go to china? they're all train wrecks wait to go happen. >> you can't feed china. that's a big issue. 700,000 recespiratory deaths la year. let's go to john meacham. speaking of smoking, he smokes way too much. john, you look at europe, the g-8, they were all lecturing president obama three years ago. sarkozy, where is he now? who knows? he's probably staying at your place in the south of france. >> oh, no, unh-unh. >> but united states is in this strange position of just sort of crawling a
the eurozone economy, arguing that recent signs of market stabilization mean that the ecb's interest rates are becoming a more effective tool again. we'll see about that. >>> also, g-8 leaders are wrapping up a summit in northern ireland today. british prime minister david cameron has, of course, been the host. he says the goal of the group is to "fired up our economies and drive growth and prosperity around the world." we're going to have more, of course, from cnbc's steve sedgwick, who's on the ground there in that beautiful live shot in about 20 minutes. >>> meantime, time for "the global markets report." we'll go across the pond not to ireland, but to london, where ross westgate is standing by this morning amid a sea of green. a little bit of red around. how are you doing, ross? >> yeah, hey, andrew, pretty good. we're actually at the best levels of the session today here for european equities. advances out-pacing decliners by around about, what, 6-2, 7-2 on the dow jones stocks 600. it's been a mixed morning, but the ftse 100 now up 0.8%, despite the that is correct if inflation numbe
of a big boost for the economy. that is tonight. >>> from washington, this is "nightline," with terry moran. >>> good evening everyone, the day the soprano's pilot first aired, the day james gandolfini became a household name. well, today is the day we lost that vanguard forever. >> reporter: sometimes an actor finds a role that just connects. the role of a lifetime. james gandolfini, who died suddenly today at 51 was tony soprano. for 86 episodes over six seasons on hbo, gandolfini seared america's eyeballs with the portrayal of the man capable of staggering violence. with news of an apparent heart attack while he was in italy, the world has lost not only a very talented actor but also a cultural icon. but success was a long time coming for gandolfini. >> i had such anger, when you're young, a lot of people have anger, you're pissed, you're not sure why. that is probably why you are all sitting here. you want to express something, you don't know what it is. >> reporter: gandolfini began his career playing cold-hearted mob enforcers, in such shows as terminal velocity. he kept getting cast
. there haven't been a lot of good things, the nsa stuff in particular. the economy is beginning to look a little firmer. and so, usually, that is the fundamental push in the trend line. so, yeah, there is a little surprise there. >> bill: you know, all of the talk about -- of course, benghazi, the irs, the department of justice and then, as you points out, the nsa. it all had its impact the. on nsa, the president said the intelligence community has to explain what this program is all about. they made their first attempt saying this has foiled 50 different terrorist plots. do you think this buries the issue and americans will accept it and go along now? >> there are a couple of different layers to the issue. one is: do -- -- does the public generally accept the notion of vacuuming up all of this data? if it is persuaded that this is what is necessary to stop terrorist actions. my guess is the public would be split but basically lean towards favoring it. and as we have seen over the past couple of weeks in polling on this stuff. the second is: does the
, promotes growth and creates jobs, investments in infrastructure and innovation, expands our economy and strengthens the middle class and responsibly reduces the deficit. cognizant van hollen has been our leader on budget issues and the -- always promoting a budget as a statement of our national values of fairness, and opportunity, while reducing the deficit. please yield to the distinguished gentleman. >> thank you, leader pelosi. leader pelosi and president obama have in calling for some time now for the house of representatives to get working on legislation that will help boost growth. the economy has been improving but we know it can improve much faster if congress would do its work. two percent economic growth. because of things congress has done, like the sequester, we are slowing down economic growth in the country. the congressional budget office says economic growth this year will be one third less because of the sequester. which is why we have proposed a budget. senate democrats and the president of the united states have proposed budget that would replace the sequester wit
, they usually focus on the global economy. but this year's meeting comes at a precarious time in the syrian civil war. seven g-8 countries are on one side. country number 8, russia on the other. >> arriving on a golf retreat to northern ireland, president obama had to leave his clubs stateside and immediately get down to business. tops on his agenda, finding common ground with russia on the issue of syria. but while today was no cold war confrontation, both leaders admitted they disagreed on how to deal with syria. but putin went out of his way to endorse the idea of a negotiated settlement. >> we do have differing perspectives on the problem, but we share an interest in reducing the violence, securing chemical weapons. >> all of us have the intention to stop the violence in syria, to stop the growth of victims, and to solve the situation peacefully, including by bringing the parties to the negotiations table in geneva. >> reporter: putin's words today were decidedly more measured than yesterday when he met with british prime minister david cameron, referring to a graphic video of one syria
about the economy. last month, employers added 175,000 new jobs, with unemployment expected to fall below 7% next year. existing home sales are also picking up, posting their best month in 3 1/2 years. but recovery from recession, means the federal reserve could pull back on its stimulus program, which has pumped billions into the system to help drive growth. >> our economy is getting better. and now, it's time to see how we can do it on our own. >> reporter: the potential shift by the fed has shaken some investors, who fear the economy is not as strong as it seems. some worry that record-low interest rates could disappear. already mortgage rates have climbed above 4% for the first time in a year. market watchers say the volatile week is a sign of coming to terms with the new reality. >> once we get through that period, i think we're going to realize that we're going to be okay and things are going to get back to normal. >> reporter: financial advisers say the best advice for average investors is not to panic, to stick it out. they know overall the dow is still up more than 10% this
, even though the economy is growing. too many families feel like they're working working harder and still can't get ahead. inequality is still growing in our society. too many young people aren't sure whether they will be able to match the living standards of parents. we have too many kids in poverty in this country still. there are some basic steps we can take to strengthen the position of working people in this country to help our , to make sureter it's more competitive, and some of that requires political will. some of it requires an abiding passion for making sure everyone in this country has a fair shot area but it also requires good economists. i know it is called the dismal science, but i don't find it at dismal. i think it is actually pretty interesting. staffmes the rest of my thinks obamas getting together with his economists and they're going to have a wonk fest for the next hour, but this stuff matters. in termsa difference of whether or not people get a chance at life and how we optimize this opportunity. everyone gets a caring fornd we are the vulnerable and disabl
are a bit higher as a sign the overall economy is strong and these are good things. i would think that would be good for the market and investors. >> reporter: ben bernanke is talking about a growth rate of 2.5%. and he's not talking about a flood of new jobs coming into the economy tither. he's got to quit the printing money at some point. he's hinting he will do it soon but he's not leaving a strong underlying economy underneath it. that's why to some degree you have got the selloff in the stock market. martha: an all female jury will decide if george zirmman committed murder when he shot and killed teenager trayvon martin. today we expect we'll hear whether a potentially critical piece of evidence will be admissible during this trial. phil keating is live in miami. this hearing focuses on that 911 call we heard so much. in that call we hear the gunshot, right? >> right. this is potentially decisive expert testimony money that can persuade this jury to go guilty or not guilty. whether it's george zimmerman's voice or trayvon martin's voice screaming in the audio tape. even saying quote, i'
within the economy. you point out that highs in his -- house is a primary beneficiary. the fed is as responsible for managing as they are for anything else. to the extent that they're looking to manage the bubble that has formed, whether it be equities, the form of stocks, housing, absolutely. this is part and parcel with the context for the fed is basically saying at some point we're going to have to pull the punch bowl away from the party. it looks like sooner than later, and this speaks to that. ashley: from an investor's point of view given the volatility in stopping this, you expected will continue through the summer, what can you do as an investor to play in this environment? >> in this type of environment you want to manage risk. that is the first quarter of the day. you want exposure. and if you have the decisions that you feel compelled and meet your objectives, you can hold on to them and hopefully there are dividend payers and certainly they have a very consistent track record in terms of equity performance and driving revenue top and bottom line growth. expose yours
of money they're pumping into the economy each month. >> we will ease the pressure on the accelerator by gradually reducing the pace of purchases. >> reporter: the second, overnight thursday, bad news from china. manufacturing production fell for the first time in eight months. a sign that one of the world's most powerful economies isn't growing as fast as it had been. the pros on wall street say this was bound to happen after months of gains and record highs. and in fact, the fed pulling back might be a good sign that the economy's getting better. >> there is no fear. there is no panic that's going on. but i think we do know that it's going to be a nice slow, orderly process to see if our economy can stand on its own again. >> reporter: that doesn't make yesterday any prettier, and stocks were only part of it. a metal meltdown. 2 1/2-year lows for gold and silver. gold, the shelter from the storm in the recession, is dropping like a rock, losing a quarter of its value to far this year. don't be too afraid to peek at your 401(k). even after yesterday's dramatic drop, the dow was up mo
, a world economy in turmoil. derail america's economic comeback. christine romans has answers. "your money" starts right now. >>> another week of volatility in the markets. the reason, we global unrest and uncertainty about the fed's role in propping up the economy. i'm christine romans, this is your money. from space, earth appears peaceful. take a closer look. while signs point a u.s. economy ready to take off, the rest of the world is struggling to take flight. riots in turkey. slowing growth in china. unrest over harsh cuts in greece. from extreme greed to extreme fear. concerns over
the feds will pull back as the economy improves and he says it's getting better slowly. >> overall the committee believes the downside risks diminished but we continue toomd risks as they evolve. >> the federal reserve updated projections predicting growth this year 2.3 to 2.6%, slightedly worse than the march prediction calling for the economy to grow 2.8%. the unemployment rate between 7.2 and 7.3% is better than march forecast when predicting 7.5%. the fed expects unemployment to fall to 6.5% next year. >> shepard: men's warehouse stock took a dive following word the company fired george zimmer. >> by one get one free on almost everybody, including the modern fit suits. you're going to like the way you look, i guarantee it. >> zimmer had been a fixture in men's warehouse commercials for years delivering his signature catchphrase. the company didn't indicate why they fired him but it was done the same day as the annual shareholders meeting. the men's warehouse reports it postponed the meeting to renominate its board of directors without him. watch this space. the nsa set to tall
scaling back later in the year. if the economy continues to improve. peter barnes with the news live in washington. that's a stupid reaction, peter. >> well, shep, the feds said that it could be getting ready to scale back the easy money policies that wall street really likes. it's been using them for the last five years to help keep the economic recovery going after the great recession. and for starters, it said it could slow its controversial 2.5 trillion-dollar bond buying program known as quantitative easing. basically printing new money. qe has helped keep interest rates low foruto loans business ratings. the feds said it could start buying fewer bonds if the economy gets better and that unemployment rate keeps falling and then maybe it could stop qe all together next year if the rate gets close to 7%. >> the 7, 6.5, these are guide posts that tell you how we are going to be shifting the mix of our tools as we try to land is ship on a, you know, on a smooth -- in a smooth way into the -- unto the aircraft carrier. >> so just the idea that easy money could be ending soon, spooked
to take his foot off the gas pedal no energy left for the economy. interest rates will rise, scenario that is horrible for american families. people are fareful of what happens when bernanke backs out, the federal reserves stops supporting the market. >> what they're doing is, quantitative easing is printing of money, putting more money in the economy, and the government spends a lot more money and allows the private sector to get its legs back under it. the government takes over when the people can't, and then when the private sector gets its legs under it, the government backs off. hasn't happened. >> the feds have been trying to push interest rates down and stimulate borrowing and lending. the fed has kept saying, okay, we acknowledge we're sort of printing money but we think weeing pull that money back when the time comes. and that's not the issue. the hirsh here, number one, this is a market overreaction to what bernanke, the chairman of the fed, actually said yesterday. he did not say we're going to stop this program. he didn't even -- the program didn't even change. these were
is because ben bernanke said we might taper back from this printing. >> we might end it if the economy gets better. i don't believe they're really going to do this. >> steve: you don't? >> no. i don't think ben bernanke will be replaced by janet yellen who is into printing money. i think they will not allow the obama economy to rest on its own. they will keep printing money to keep this feeble economy. if you stop printing money, then all the impact of obamacare, higher taxes, all the regulations that this president has imposed, those chickens come home to roost and forget about the 3% growth. we'll have 1% growth if we're lucky. >> steve: we probably have 3% growth because of this printing of the money. >> right. >> steve: i know you don't think it will happen any time soon. but if it did happen next month what, would happen? >> if he stopped printing money next month, the market would go down to 12,000. i've been on tho thank show and i said if he keeps printing money, there is no stopping it. >> steve: you say 20,000? >> if he keeps printing, dow 20,000 in the next couple years is feasib
is by the bank of england in charge of recruiting credit in our economy. instead what we ought to be getting from him is an apology and a thank you for clearing up the mess they made. [shouting] >> sir edward lee. >> may i say to the prime minister occasionally one should be grateful, so -- [laughter] may i warmly commend him for being the first conservative prime minister ever to commit to a referendum on europe, and for leading a government that is done more than any other government to tackle welfare dependency, to reduce immigration and to bring in academies. thereby showing that -- popular and ride all the same time. [shouting] >> can i thank my honorable friend for his question, and can i on behalf of everyone in the house congratulate him on his richly deserved night it. >> here, here. >> yes, sir. dden is how so many decades and he also served in the vital role of overseeing the public accounts committee which is such important work in our parliamentary system. i am grateful what he says about the referendum and i would urge all college to come to the house on july 5 and vote for this bi
and commerce is the engine of our global economy. our values call upon us to care about the lives of people we'll never meet. when europe and america lead with our hopes instead our fears, we do things no other nations can do. no other nations will do. so we have to lift up our eyes today and consider the day of peace with justice that our generation wants for this world. bill: where else do you speak about freedom than at the intersection of come anything and democracy in the heart of berlin. the headline will be this. the president calling for a further reduction of nuclear arms and that is the intent of the speech at the brandenburg gate. martha has more. martha: today back in washington tea partyers are taking on the irs in d.c. they are not backing down. this is video in 2010. remember those huge tea party turnouts? we were promised action on the irs. they want to know why lois lerner is still on paid leave. bill: waits an accident or something more sinister. what caused this plane to go down several years ago. martha: the tea party patriots plan to take on capitol hill. they protesting t
program. after a two-day policy meeting wednesday the fed updated the outlook for the economy and bernanke said that's why the fed will most likely slow down its stimulus program. >> the committee currently anticipates it would be appropriate to moderate the monthly purchases later this year and if the subsequent data remain broadly aligned with current expectations for the economy, we would continue to dries the pace of purchases in measured steps through the first half of next year, ending purchases around mid-year. >> bernanke also expects the unemployment rate to fall to 6.8% by the end of 2014. on wall street bernanke's words spooked investors. the dow dropped 206 points and the nasdaq fell 31 points. >>> tokyo's nikkei dropped nearly 2%. hong kong's hang seng lost nearly 3%. >>> well, the irs is caught in another controversy. the agency says it's has to pay $70 million in union bonuses. some republicans want the irs to follow a white house directive and cancel them. in april the obama administration ordered all agencies to stop handing out bonuses bought of automatic spending cuts. >
relentlessly pumping into the economy. >> based on its review of recent economic and financial developments, we see the economy starting to go at a greater pace. >> in the world of the federal reserve thatasses for tony soprano-style drama. stewart varney, the anchor of varney and company. explain what ben bernanke said and why it got such a reaction. >> reporter: ben bernanke threatened to take away the biggest economic stimulus program we have got going for us right now. at the moment ben is printing a trillion dollars a year. he's threatening to reduce that to zero as the mid of next year. the immediate result is bad news for homeowners because interest rates are going up. home buyers. it will be tough to get a reasonably priced mortgage. and your 401k goes down. president obama is stuck. this stimulus has been taken away. he's got obama-care which has been labeled a train wreck. ben is likely to take away a very good stimulus program. martha: we will final out if this improving economy is a emperor with no clothes. what is that going to mean for everybody out there? >> you are asking the qu
. the president's approval rating on the economy in this poll is 42 approve, 57 disapprove, and as you know a lot of young people are getting out of school and not being able to find a job, and a large number of kids who get out of college are moving back in with their families. i think this is more than just nsa, it may be the economy, it may be the overall perception of the president. the other interesting note in the poll was that for the first time he was viewed by the american people as not honest and trustworthy. 49% said that phrase applies to him. 50% says it does not a my to him. that could be another thing, because young people had such -- he was such an aspirational figure to younger voters and younger americans and if there is agreeing perception that he's not shooting straight with him, that he's not honest and trustworthy that could be very close not only among young people but among all voters. jon: isn't that perhaps the bigger problem i mean for him? because it's one thing to have your job approval rating kind of bounce up and down, but once you are perceived as not necessarily t
economy. when we look at where we are, e are still seeing growth. it is not just that right now. in america, the people have always had a healthy skepticism bout their government. they read about the irs abuse of power, and targeting americans for their political beliefs. they wonder about what happened in benghazi where americans were killed. they see report the journalists had their phones monitored, and they asked this could happen to them. they are -- in washington there as been no accountability. only arrogance of power that puts politics ahead of doing the right thing. when government is out of control, and also the people it is supposed to serve, it makes it harder to do our work. to grow our economy. the arrogance we are seeing in the same arrogance that has left our economy plodding along. after four years of watching -- washington knows best, our economy is recovering at the slowest rate since world war ii. the growth numbers barely move. unemployment stays about the same. we are told not to read much into it. experts call this condition the new normal. some even argue
is entrenched hezbollah, iran and russia. >> the economy is taking a rare backseat at the summit. partly a reflection of the slow and steady recovery but how they pay taxes to the big 8 countries is likely to be a big issue. matt. >>> thank you. something else expected to get attention the results of iran's election. a moderate cleric is replacing mahmoud ahmadinejad. he won overwhelmingly, what do we know about him? >> he's been backed heavily by the reformist but he's not a reformist. on the inner circle of the conservative rulers of iran. he has a good relationship with the supreme leader and the reformists that came out heavily backing him. if it wasn't for the country's leading reformist he wouldn't have become president. >> when you think of the list of things the united states and iran disagree on. the nuclear program is one of the things that jumps out. how might this new president impact the direction of that program, if at all. >> well, he was chief nuclear negotiator during the late 90s, early 2000 and that's when they saw a suspension of uranium enrichment. he came under heav
pumping into the economy to lower interest rates, encourage borrowing and improve the labor and housing market. when he mentioned that investors knew it couldn't go on forever. hearing it caused a knee-jerk reaction. they thought he's not quitting cold turkey. unemployment needs to improve a little bit more and needs to be more growth in the economy. >> you talked about interest rates. that's a major concern for people, not just when it comes to mortgages, but student loans as well. >> everything you do is tied to the interest rate whether you like it or not. whether you have an existing loan or taking out a new loan. if you have a variable rate those could go up in the near term. they change with the market. if you have a fixed rate loan it stays the same. if you are taking on a new loan make sure you look closely at your mortgage. new mortgages, they also move with the market. we are seeing a 30-year fixed at nearly 40%. it's climbing. if you want take out a new mortgage, it's narrowing. credit cards, student loans, auto loans, other types of debt are tied to the f
with an economy that we want to see do well. ear not an economy with a nation , a nation creates a binding series of interests, and we call on our citizens to go fight wars and their children go fight wars and put their lives on the line for the nation. and they serve our country. and the country owes them certain protections and a chance to be successful and a chance to be able to make a decent wage with a health care plan, with a retirement plan so they can take care of their families ta, take -- families, take care of their families and send them to college. a nation has those obligations and to simply say millions can come to our country illegally, millions can come legally in levels that jeopardize the working majority, perhaps, of american citizens that pulls down their salaries, allows them not to prosper, is difficult for me to understand how it can be justified. i don't see how we can justify that. i'm not against immigration. we do a million people a year in this country. i think that's about right. we need to shift it some so we are getting people who have a better chance to succeed in
the economy offset these gains in some of the financial sectors. shrugging off weakness in the mainland, property place outperformed hong kong helping the hang seng gain 1.2% today. the sector rebounded for the second session after very sharp selloffs recently. so we may be seeing some bargain hunting here. and elsewhere in australia, banking shares helped at the sx 200 reversed earlier losses ending higher by 0.7%. but under pressure, down 0.3%. and some of the southeast asian markets also trading in the green at the moment. back to you, ross. >> all right, catch you later. joining me in the studio, co-ceo of wells fargo financial services. american stocks down three out of the last four, this after good gains this year. is sentiment going to be shifting around now over the next few months as we question the fed and japan? >> undoubtedly we'll continue to see a lot of volatility. just look at this morning. we have the nikkei up 2.75%. today we have the futures up in the u.s. about 1% and within europe, about 0.75%. and i think we'll continue to see that. the question about japan is, do
year and they're concerned what the fed is going to do when they stop supporting the economy probably some time into next year. you'll see this gut check where people are taking money off the table. >> christine romans reporting live from new york city, thank you. >>> six women, six women, just women would decide the fate of george zimmerman and remember race could be a key factor to this case. five of thez women jurors are white. one is described as hispanic or black. opening statements now set for monday. also, today the judge will rule on a controversial voice analysis of the screams heard on this 911 call. >> does he loohurt to you? >> i can't see him. i don't want to go out there. i don't know what's going on. >> do you think he's yelling help? >> yes. >> all right. what is your -- >> all right, you heard the screams in the background. the prosecution wants to show it was trayvon martin's voice. if so, that could hurt zimmerman's self-defense claim in shooting zimmerma eme eme em was unarm aed. >>> also new information this morning in the sudden death of james gandolfini. hotel s
trade and economy. but because some of these countries disagree how to handle the blood shed in syria, that situation is expected to be a top priority. sadly puten is very outspoken -- vladimir puten is very outspoken about president obama's plan. the two are expected to talk privately. a new cnn poll shows that president obama's approval rating has taken a dive. last month, 58% supported president obama. now just 45% of the job he's doing. that's an 18-month low. we'll take a closer look at president obama's schedule for the remainder of the g8 summit when i see you next. kyla campbell, ktvu channel 2 news. >>> david cameron is among those attending the summit. this morning he refused to comment hon a hacking scandal -- on a hackle scandal involving the government. the newspaper there reported that britain's spy agency hacked into e-mails. >>> this morning, the white house is also defending the nsa's secret surveillance program of phone and internet records. white house chief of staff denis mcdonough says the program is constitutional and carefully monitored. he also says the u.s. go
, are very focused on trying to restore the faith in government, as well as their faith in the economy. >> canter said he believes the recent hearings on capitol hill, many launched by his fellow republicans, will not only help gain clarity on controversies but prevent similar controversies in the future. >>> big dad of big business and big government. according to apple, federal, state and local authorities made between 4,000 and 5,000 data requests about apple users in the last seven months alone. anchor of "your money."is the so, do we know how many of these were related to national security? >> no, we don't know exactly how many were related to national security. what companies say is they can only tell us all federal, state and local law enforcement is 4,000 to 5,000 requests covering accounts or devices. but what we do know, apple says most of these are related to typical police work. what do we mean by that? missing persons and looking for someone with alzheimer's and trying to prevent a suicide and mreesz crime investigations like cyberstalking and the like. that i what most o
on the powerful stimulus that they have been adjusting the economy with. >> the committee anticipates it would be appropriate to moderate the monthly pace of purchases later this year. broadly aligned with current expectations of the economy we would continue to reduce the pace of purchases in measured steps ending purchases around mid year. >> explicitly ending the bond buying program around the middle of next year. that would come -- after that the subsequent hieblg in interest rates that's expected in 2015. that is what has people nervous. >> stocks reacting badly. >> take a look at the dow. the dow tumbled 206 points at the closing bell. we saw bond yields rise. topping 2.3 percent of the highest in 15 months. the worst performing stocks yesterday were those that trade similar to bonds like telecom as well as utilities. >> hopefully we will see a bounce back. f futures are looking terrible. asian stock selling off europe is lower. future is here for the dow. 91 points. >> thanks debbie downer, lauren simonetti. >> when interest rates go up people who save money will make money. >> true. th
talking about policy. we're not saying we don't like the economy. we're not saying it's this one program. we don't trust you. >> reporter: and that becomes a huge problem for a progressive presi"ent who needs to tell people, let me use the government to make you) life better. if you don't trust him, his disapproval rating is up and you think government is too big -- 6 in 10 americans now think government is too big, that he can't manage it effectively. this is like a political version of an underwater mortgage, if you will. his disapproval is above 50. people don't trust the government. you look at this coming out, is he trustworthy? 49% say yes. that's up 58% since just last month. so he's taking a hit. something has americans stoppint and saying, hey, wait a minute. when you're early second term with the midterms just around the corner, don't invest in one poll, but if you're president and you know the clock is ticking, that's trouble. >> it's one thing about the nsa or about a policy, but if it's whether or not he's believable, it makes it difficult to come back, even it's just one po
'll always know where she is headed. let's begin with worries about the economy here and around the world. >> overseas markets are lower this morning after a drop in the dow. here with more is abc's marci gonzalez. >> reporter: from the opening bell, deja vu of plunging stocks. the worst day of the year on wall street with the dow dropping by more than 350 points at the close. the second consecutive day of stunning selloffs. >> people start panicking. so they sold. >> reporter: investors say the drop is largely due to of all things good news about the economy. federal reserve chairman ben bernanke announcing if the economy continues improving the central bank could soon begin winding down its stimulus program which pumps $85 billion into the market each month to keep it afloat. >> we have had training wheels on our economy quite some time now. we are getting word the training wheels are going to have to come off, slowly come off. we are going to see if we can ride this bike on our own. >> reporter: market uncertainty has had some impact, leading to mortgage rates climbing above 4% for the
? if there is something we can do about it, does it justify that the economy -- the hit that the economy might take? and what will happen to physical industry in ohio and west virginia, for example. and i think it will probably be very dangerous for a conservative to be "a climate change denier." having said that, there are some very real questions over how do you respond and how serious is it? but i think that is an issue that we'll be confronting as president obama points out. i think it's an issue that is not something that anybody really decides to vote on, which may be why it's not up there with immigration reform. host: ok. something like climate change tracks with conservative vores now? guest: i would say probably not. if you were in favor of -- it could hit you from an economic standpoint and it could hurt you in a place like ohio and west virginia, which is really struggling right now with their economy, but if you go down and you ranked -- there's this question over preference vs. intensity. and we saw this with gun debate with background checks. so like almost everybody is in favor of b
says if the reform bill passes, it would boost the economy and cut the federal deficit by $200 billion in the next decade. but now there are fears it may not happen at all. our political director john dickerson is in washington. john, good morning. >> reporter: morning, charlie. >> so what's the impact of this cbo report? >> reporter: well, i think for those who are pushing comprehensive immigration reform, it's a second big argument for them. they've been making the moral case that the immigration system has to be fixtured. now they can make an economic case that it's actually good for the economy. and critics, though, of this have seen a kind of push to get this bill rammed through. and so a lot of conservatives think that cbo is kind of tweaking the numbers here. they don't believe this will be good for the economy at all. >> john, what does it portend for the future of the immigration bill in the house when a key committee just passed a bill that would make it a federal crime to be in the united states illegally? >> reporter: the central tension to watch in this bill is between get
the economy looks like it's on the mend. so, take a look at these numbers. the economy is expected to grow by at least 3% next year. unemployment could drop as low as 6.5% by next year. it's all looking like better news. but on the flipside, interest rates are moving higher, which means that the cost of buying a home or buying even a car could go up. so, take a look at this. every time that mortgage rates go up just 1%, the cost of buying a home gets 10% more expensive. that could deter a lot of buyers. and of course, higher interest rates, they do benefit some people like savers and retirees living off bank accounts and cds. so, it's some good news for those living on a fixed income, josh. >> indeed it is. rebecca jarvis, thank you for that. >>> we're going to turn to the firefight in the west. at last check, that fast-moving wildfire north of phoenix is 0% contained. you see pictures of it there. nearly 500 homes are threatened. and another wildfire has erupted in colorado. this one southwest of denver. those hot and windy conditions are fueling the flames. sam's forecast coming up in a
our heritage, our hunting and fishing traditions and all the sustainable economy that comes from that on something that's speculative? it doesn't make sense from a dollars and cents standpoint. >> reporter: now, the blm is still allowing public comment on its decisions through the end of this month. jenna? jenna: a story to watch, alicia, thank you. jon: so the clock is ticking on passing immigration reform in congress. could a security surge on the border be enough to silence the critics of this bill in congress? we'll ask one of the so-called gang of eight senators who is pushing immigration reform, john mccain of arizona. >> the facts are that 11 million people live in the shadows, and they live here in de facto amnesty, and by god, they are being exploited every single day. jon: "happening now," maybe call it the border surge. two republican senators hoping that a plan to boost border security with double the agents, a 700-mile fence and the use of drones will push a bipartisan bill on immigration across the finish line in the senate and also garner the support needed in the
is about to meet with fellow g-8 leaders and talk about trade and economy in syria comes the new revelation from edward snowden. it could make things awkward. >> let's get to andrea mitchell who is covering this for us. good morning to you. >>> good morning. edward snowden has struck even. he is released documents on high level spying on foreign leaders including the then president of russia. >> reporter: yet another disclosure that great britain spied on world leaders at two london summit in 2009. one of them targeted the then russian president. protestors outside the u.s. kons lit in hong kong were demonstrating in support of snowden, the acknowledged nsa leaker. >> i think a great person is willing to expose this. >> reporter: china is encouraging support for snowden ever since he told a chinese newspaper last week that the u.s. hacked into computers there for years. on fox, dick chaney who helped institute it and congress rejected the surveillance program. >> i think he's a traitor and committed crimes by violating agreements begin the position he had. >> reporter: snowden is still beli
economy. it is about progress. it is about economy. that's the political argument he was making. when you put it in context, you see that that's what it's all about. he is framing the immigration debate in an economic perspective. >> i'll tell you how it is going to change things, don. i'm from texas which we all know has gone republican for i think since lbj. jeb bush is actually the won who said that the changing make-up of this country, that we are becoming a browner country, texas has actually become a blue state he said if republicans didn't get their immigration reform act together. that's how it is changing this country. we are seeing swing states in play that used to not be in play because of the number of immigrants coming to this country. so it is changing our country. the fastest growing group is multi-racial americans. i am hoping one day we'll all be so mixed up a lot of this nonsense we are always arguing about in terms of race is kind of a moot point. >> anna -- >> don, just one last point. for all the people watching the three of us on tv right now, we just got one message
falls below 6.5%. he has no fixed plan to stop purchasing the securities helping to lift the economy. even when they stop, they won't turn around and sell them, which would be bad for investors. we've had several billionaire money managers writing in to voice their continued confidence in the stock market saying this will all pass too. afterall, the economy is heading in the right direction. tr tamron, if you want to invest in the stock market right now, you're going to have to have a steel stomach. >> thank you, kayla. the news nation is also following breaking news out of the white house where president obama is about to nominate james comey to be the next head of the fbi. he's a former justice department official who helped oversee the legality of the national surveillance program under president george w. bush. if confirmed by the senate, he would replace robert mueller, who's head of the agency since september 2001. although fbi directors are limited to a single ten-year term, mueller's term was extended by the senate at the president's request. comey's nomination comes as the f
ben bernanke. he'll answer questions. they're looking for an update on the state of the economy, and they want clarity about whether the fed will continue to keep interest rates low. >>> asian stocks were mixed ahead of word from the feds. tokyo's nikkei added nearly 2% while hong kong's hang seng dipped 1%. >>> and wall street still believes the central bank will continue the stimulus program. tuesday the dow jumped 138 poichblts to close at 15,318 while the nasdaq rose 30 points. >>> two weeks ago the car company defied the federal regulators and refused to recall 3 million jeeps. the feds said the fuel tanks could rupture and cause fires in rear end collisions. now chrysler says they will recall a million and a half 2002 through 2007 jeep liberties and grand cherokees made from 1993 to 1998. >>> well, new yorkers won't have to worry about charging their dying cell phones. the city along with at&t will put up 25 solar powered charging stations. the program begins next week and it will be free. the stations can recharge up to six devices at a time, but after 30 phones get juice
was the student. >> it did come out that way. njust being a traitor he would be abetting the economy. >> you can make a case releasing all of this stuff make its harder for the nsa to track terrorist. >> i thought someone was trying to restrain you. nprobably someone else in the audience. >> bang, zoom. >> i can arrange a meeting with you and bill can set a meeting you and bill and you could pick his brain about some stuff. >> yeah, sure. that would be a dream. >> i don't think that dave was hanging on bill's every word. >> when have i ever been wrong? >> you think dave buried a hatchet because he realized bill is right about most things? >> i think he was just being positi polite. >> a lot of kindness, handholding. >> a little later we'll sing kumbaya. >> some intelligent points about the nsa. >> yeah. it's kind of common knowledge really. >> you can't really say i want to read the e-mail of everyone in iowa, you can't do that. >> you know, that's not a bad idea. all right. >> really delivering the goods tonight. >> made a lot of assertions and seemed really confident. >> when you are that righ
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